SoFi Technologies (NASDAQ:SOFI) Shares Up 7.1%

SoFi Technologies, Inc. (NASDAQ:SOFI)’s share price was up 7.1% during trading on Thursday . The stock traded as high as $8.05 and last traded at $8.02. Approximately 22,481,447 shares were traded during trading, a decline of 51% from the average daily volume of 45,783,879 shares. The stock had previously closed at $7.49.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Barclays cut their price objective on shares of SoFi Technologies from $10.00 to $8.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 9th. BTIG Research assumed coverage on SoFi Technologies in a research note on Friday, June 7th. They set a “neutral” rating on the stock. Keefe, Bruyette & Woods decreased their price target on SoFi Technologies from $7.50 to $7.00 and set a “market perform” rating for the company in a research note on Tuesday, July 9th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $10.00 price objective on shares of SoFi Technologies in a report on Wednesday, July 31st. Two analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, SoFi Technologies has an average rating of “Hold” and a consensus price target of $9.14.

SoFi Technologies Price Performance

The company has a current ratio of 0.93, a quick ratio of 0.24 and a debt-to-equity ratio of 0.50. The stock has a 50-day simple moving average of $6.95 and a 200 day simple moving average of $7.24. The stock has a market capitalization of $8.71 billion, a price-to-earnings ratio of -26.10, a price-to-earnings-growth ratio of 1.45 and a beta of 1.70.

SoFi Technologies (NASDAQ:SOFI) last posted its quarterly earnings results on Tuesday, July 30th. The company reported $0.01 EPS for the quarter, hitting the consensus estimate of $0.01. SoFi Technologies had a negative net margin of 5.15% and a positive return on equity of 2.30%. The business had revenue of $598.60 million during the quarter, compared to analysts’ expectations of $565.19 million. During the same period last year, the company posted ($0.06) earnings per share. The firm’s quarterly revenue was up 20.2% compared to the same quarter last year. On average, equities research analysts forecast that SoFi Technologies, Inc. will post 0.1 EPS for the current fiscal year.

Insider Transactions at SoFi Technologies

In related news, Director Qatar Investment Authority sold 19,840,073 shares of the stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $6.78, for a total value of $134,515,694.94. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, CTO Jeremy Rishel sold 56,273 shares of the firm’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $6.41, for a total value of $360,709.93. Following the transaction, the chief technology officer now directly owns 453,464 shares in the company, valued at approximately $2,906,704.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Qatar Investment Authority sold 19,840,073 shares of the firm’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $6.78, for a total value of $134,515,694.94. The disclosure for this sale can be found here. Insiders sold 19,921,285 shares of company stock valued at $135,057,462 in the last three months. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On SoFi Technologies

Hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC bought a new stake in shares of SoFi Technologies in the fourth quarter valued at about $27,000. ORG Partners LLC bought a new position in SoFi Technologies in the first quarter worth $27,000. Allspring Global Investments Holdings LLC boosted its stake in SoFi Technologies by 55.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,333 shares of the company’s stock worth $29,000 after buying an additional 1,543 shares in the last quarter. SOA Wealth Advisors LLC. increased its holdings in SoFi Technologies by 61.2% in the 1st quarter. SOA Wealth Advisors LLC. now owns 4,513 shares of the company’s stock valued at $33,000 after buying an additional 1,713 shares during the period. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of SoFi Technologies in the 1st quarter valued at $37,000. Institutional investors and hedge funds own 38.43% of the company’s stock.

SoFi Technologies Company Profile

SoFi Technologies, Inc provides various financial services in the United States, Latin America, and Canada. It operates through three segments: Lending, Technology Platform, and Financial Services. The company offers lending and financial services and products that allows its members to borrow, save, spend, invest, and protect money.